Antecendents
The Mexican Specialized Financial Entity Association (AMFE) once known as AMSFOL, is the entity which groups together the Sofoles and Sofomes, Financial Leasing Institutions, Financial Factoring Companies and other specialized financial entities who actively participate in financing principal sectors of the economy and is an important part of the country´s financial system.
Founded February 23, 1994, the association once known as AMSFOL grouped together the SOFOLES and received its authorization from the Mexican equivalent to IRS (Hacienda) to operate under strict terms stated in Fraction VI, article 103 of the General Credit Institution Law.
The SOFOLES came about as a direct result of the Free Trade Agreement with the United States and Canada, due to the fact that at the negotiation tables the subject of the urgency that Mexico create intermediate financial institutions or Nonbank Banks kept arising. The main objective was their involvement in the creation of this financial sector.
As a result of reforms of various judicial codes published in the official government newspaper (DOF or Diario Oficial) in which reforms create the figure SOFOM, the AMSFOL modified its statutes and evolved into what we know today as Mexican Specialized Financial Entity Association (AMFE) in order to group Sofoles, Sofomes, Financial Leasing Institutions, Financial Factoring Companies among other specialized financial entities.
